Why is the Ruble So Strong?

RUSSIA ENERGY / FINANCE - Report 29 Apr 2015 by Marcel Salikhov and Leonid Grigoriev
Executive Summary The rebound of the ruble is one of the most remarkable and unexpected developments of recent months. After falling to local lows at the end of January, the currency has been strengthening for three months, appreciating by almost 38% against the dollar, and nearly 44% against the euro. Why? The main explanations can be found in the actions of the monetary authorities (FX repo), the domestic economy (“de-dollarization” by households and corporations, and the steep drop in imports); and in global factors, such as the inflow of foreign capital, after monetary policy loosening ...

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